Logistics firm Charles Gee goes into administration following Hinkley Point nuclear announcement
Haulage and shipping group Charles Gee has been forced into administration, after saying it was waiting on Hinkley contracts before making a decision on its future.
Express and Star reports that a spokesman for the administrators, FRP Advisory, said: "They have been waiting on Hinkley. That would have been a big source of work and has not been helpful to their current situation. We are still a way away from construction."
The logistics group has operational sites in Clevedon and Bridgwater, near the Hinkley site in Somerset. It employs 250 staff, although administrators warned that redundancies are possible, as they try to maintain trading during the hunt for buyers.
Charles Gee recently identified that it was suffering from acute cash flow pressures, which resulted in the appointment of administrators. The company, which also transports wings for the latest Airbus aircraft, runs out of Tilbury, Essex, Felixstowe in Suffolk, Kings Lynn in Norfolk, Birkenhead in Merseyside, Didcot in Oxfordshire and Chatham in Kent.
Geoff Rowley, senior partner at FRP Advisory and joint administrator, said: “We are highly focused on working with the Group’s customers and suppliers and in engaging with interested parties. In line with economic issues facing many businesses, Charles Gee has faced challenging trading conditions for a number of years and despite the support of its loyal customer base, recent cash flow problems have prompted the need to seek the protection of administration.”